Gold Worth More Than $1.1 Billion Discovered Near Bendigo

Gold Worth More Than $1.1 Billion Discovered Near Bendigo

Victoria Minister for Resources Wade Noonan

Bendigo’s Billion Dollar Gold Rush

Victor P Taffa

More than a billion dollars’ worth of gold has been discovered near Bendigo setting the scene for a 21st century gold rush in Central Victoria.

Minister for Resources Wade Noonan toured Fosterville Gold Mine this week, where Kirkland Lake Gold has discovered more than a million ounces of gold, worth more than $1.1 Billion.

“Bendigo is on the verge of another gold rush, and we are thrilled to get behind Kirkland Lake Gold as it ramps up exploration.” Minister for Resources Wade Noonan said.

“Fosterville hopes to mine more than a billion dollars’ worth of high grade gold that’s great news for workers, their families and the Bendigo economy.”

Eureka moment is not only great news for Kirkland Lake Gold it’s great news for jobs and industry too.

Fosterville Gold Mine already supports 500 highly-skilled jobs. The gold reserve upgrade and record production will see a future expansion of the mine creating more jobs and boosting the local economy.

“Bendigo has a rich history of gold mining, and now the future of Fosterville Gold Mine has been sealed. This is an exciting new chapter for the Fosterville workforce.” Member for Bendigo East Jacinta Allan said.

Andrews Government provided nearly $140,000 to Kirkland Lake Gold through the latest round of the TARGET program.

TARGET grants help companies which want to expand mineral exploration in Victoria by covering up to half the cost of eligible mineral exploration activities including geophysical surveys, drilling and sample analysis.

Round 2 of TARGET has provided more than $1.2 Million for 5 projects across the northern part of the Bendigo Geological Province a 14,000 sq km area stretching north of Bendigo to Echuca and Swan Hill on the Victorian border.

Fosterville’s recent record production signals great potential for more mineral exploration and mining across the region, meaning more jobs and prosperity for northern Victoria.

“Hundreds of local workers are employed at Fosterville, and these new gold discoveries will ensure their jobs are sustainable.” Member for Bendigo West Maree Edwards said.